The agreement by which one party holds possession of the real property owned by another is a lease. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
The relationship of landlord and tenant is created by contract. An oral lease is valid at common law, but statutes in most States require written leases for certain tenancies. Many States provide that a lease for a term exceeding three years must be in writing. Statutes in other States require written leases when the term exceeds one year.
The following elements are necessary to the establishment of the relationship of landlord and tenant:
" The occupying of the land must be with the consent of the landlord.
" A reversionary interest in the land must remain in the landlord. That is, the landlord must be entitled to retake the possession of the land upon the expiration of the lease.
" The tenant must have present possession in the land. This means a right to be in possession of the land now.
Phoenix, Arizona offers a variety of options for individuals and businesses interested in leasing or renting vacant properties or lots with the added benefit of constructing improvements. Known as "leasehold estates with the right to construct improvements," these agreements provide lessees with the opportunity to customize their leased space according to their specific needs. Whether you are looking to establish a commercial venture, build a residential property, or construct a specialized facility, Phoenix's leasehold estates with the right to construct improvements can accommodate a wide range of interests. Here are some notable types of these lease or rental options available in Phoenix, Arizona: 1. Commercial Leasehold Estate: Entrepreneurs seeking to set up a shop, restaurant, office space, or any other commercial venture can benefit from a commercial leasehold estate with the right to construct improvements. This allows lessees to design and build their desired commercial space, ensuring a tailor-made environment that meets their exact requirements. 2. Residential Leasehold Estate: Individuals or families looking to build their dream home can opt for a residential leasehold estate. This type of agreement allows lessees to lease a vacant property or lot and construct a residential property according to their preferences, ensuring a personalized living space that suits their lifestyle. 3. Industrial Leasehold Estate: Businesses involved in manufacturing, warehousing, or other industrial activities can choose an industrial leasehold estate. Lessees can lease a vacant lot or property and construct industrial facilities, such as factories, warehouses, or distribution centers, tailored to their specific operational needs. 4. Specialized Leasehold Estate: In some cases, lessees may require specific types of properties for unique purposes, such as educational institutions, healthcare facilities, or recreational spaces. Phoenix offers specialized leasehold estates that cater to these requirements, allowing lessees to build infrastructure tailored to their specialized needs. In Phoenix, Arizona, leasehold estates with the right to construct improvements provide lessees with the flexibility and control to create spaces that align with their vision. Lessees can enjoy the benefits of a long-term lease, coupled with the autonomy to design and construct improvements according to their specific needs, ensuring a space that perfectly suits their intended purpose. These lease or rental options in Phoenix empower individuals and businesses with the freedom to bring their dreams to life in the vibrant cityscape of Arizona's capital.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
